Canada Student Financial Assistance Regulations

24 (1) If repayment assistance is granted because of an error by the borrower in their application for repayment assistance, the Minister shall

• (a) cancel the repayment assistance if the borrower was not entitled to receive the assistance; and

• (b) in respect of a repayment assistance period, reduce the repayment assistance to the extent of the excess in assistance received if, during the period, the borrower received an amount of assistance that was more than $100 in excess of the amount that the borrower was entitled to receive for the period.

(2) The Minister shall provide a notice of the cancellation or reduction to the borrower, in the case of a direct loan, and to the borrower and the lender, in all other cases, specifying

• (a) the date of the notice; and

• (b) the day on which the repayment assistance is to be cancelled or reduced.

(3) A borrower shall, within 30 days after the date of the notice,

• (a) repay to the Minister or the lender, as the case may be, the amount of repayment assistance that the borrower was not entitled to receive; or

• (b) enter into a revised agreement for the repayment of that amount.

(4) A lender shall, without delay after the date of the notice, repay to the Minister any amount paid by the Minister as a result of the error.